Deriva Energy (formerly Duke Energy Renewables), a clean power generation and a portfolio company of Brookfield, announced the completion of a $127 million debt financing for a portfolio of operational solar and wind projects.
Principal Asset Management and MetLife Investment Management provided senior secured notes for the Ledyard wind and Pisgah Ridge solar projects.
The Ledyard wind is a 207 MW wind project in Kossuth County, Iowa, and the Pisgah Ridge is a 250 MW solar project in Navarro County, Texas. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements.
This is the second debt financing arrangement made with Principal Asset Management and MetLife Investment Management since Brookfield acquired Deriva in October 2023; both firms invested in a $207 million Deriva debt transaction in October 2024.
Thomas Hopkins, Director of Capital Markets at Deriva, said: “This transaction marks a significant accomplishment for the company and was completed during a period of heightened market turbulence driven by uncertainty over tariffs and international trade policy. We are grateful for the partnership of our investors, whose experience in renewable energy financings was extremely valuable, and we look forward to long and productive relationships with them.”
Mansi Patel, Senior Managing Director and Head of Infrastructure Debt, for Principal Asset Management said: “We are thrilled to have led the structuring of this transaction, supporting Deriva’s high-quality portfolio assets with a tailored financing solution. We are excited to continue to grow our firm’s strong relationship.”
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
This week, Ignitis Renewables, a green energy company, secured a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia to develop and construct 239 MW solar projects in Latvia.
